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Boone County Real Estate Market Statistics-March 2017

The March 2017 Sales Statistics have been posted to cbormls.com. The number of sold single-family homes for March increased by 15% compared to last year, after a decrease in sales for the month of February of this year. The March sales increase occurred in both the existing home and new construction home markets, both, outpacing the national average increases. Overall, the first quarter of 2017 produced a 4% increase in sales over Q1 for 2016.

The average price and median price continued to decline as lower priced segments of the market outpace homes priced above $275,000. The price range of $120,000 to $274,999 for March 2017 showed a 15% increase in sales compared to the same price range in 2016, while sales from homes priced at $275,000 and above had an almost 20% decline.

March produced a decline in days on market this year, dropping from 75 to 65 days, while cumulative days on market have dropped every month this year.

Pending Listings increased 4% in March of 2017 indicating the potential for increased closed single-family homes for the months of April and May.

The months’ supply of single-family homes on the market declined to just under three months at 2.95. The supply number for March is the lowest for this time of year for a long time, if not ever.